The E-Sylum: Volume 9, Number 16, April 16, 2006, Article 21
AUSTRALIANS WATCHING SCRAP VALUE OF AMERICAN CENTS
Dick Johnson writes: "Are American cents destined to be melted
for their scrap value? Metal experts in London say a rise in
copper and zinc prices equal to what has happened in the last
three weeks could exceed the metal value of the lowly U.S. cent.
In a report by Kevin Morrison in London, published in The Australian,
he quotes market analysts who follow international metal prices.
Copper is up 30 percent, zinc is up 55 percent in the last three
weeks. The experts project this could have a dramatic effect on
the world’s largest storehouse of these two medals – the United
States cents in circulation.
What happens when the scrap value of a cent is greater than its
face value? Nothing, at first, say the experts. Prices go up,
prices go down. The price could descend without notice, negating
a mass meltdown of America’s lowest denomination coin.
Each U.S. cent is 97.5 percent zinc and 02.5 percent copper [since
1982]. There are 160 cents to the pound. At present copper and
zinc prices those 160 cents have a scrap value of $1.36 according
to this article.
You might want to read this report. The prices are quoted in
American dollars: Full Story